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WC MN | There seems to be a lack of interest. Funds built a large long position recently and that ended poorly. With tariffs in the spotlight, we can't really take demand at face value. We have never reached the export total for next year without China. And with a 1.8 billion bushel carryout, USDA is using a $4.20 price. They are probably anticipating more acres than what march 31 indicated. On the other side of the ledger, we are on the top end of the planted acres spectrum historically which does not correlate with a record high BPA. Weather is still predicted to be warm and dry but in near term there is plenty of moisture for the drier areas. I'm sure we'll get some type of weather rally but it might be 20 cents followed by a drop of 75. Soybeans probably have a better story currently depending on China negotiations. | |
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Corn
